"Yes the crypto-investor community is not the most rational and makes most decisions based on social proof."

I tend to agree with the first part, although with the big money coming in that is less philosophically aligned with the early adopters of bitcoin, we'll see more rational markets soon enough. The days when a small cadre of BTC maximalists can move markets from a few r/bitcoin posts (shadowbanning those who disagree) are coming to an end.
I think build it, and they will come is just starting in ICO world.